In the past few years, with the increase in the usage of Big Data in changing the ways of doing business, there has been a curiosity among people to know about the concept. As it is evident that Big Data has begun to impact so many different areas, it is legitimate for you to want to have an understanding of what it exactly means and why is it important.
So what is Big Data?
Let us put it in very simple language. Due to advancement in technology, the things that we do on a daily basis such as talking on the phone, shopping for clothes, taking pictures etc. are all digitally traceable or in other words, leaves a trail of data that can be used and analyzed by others. Therefore, Big data is known as that data which can be collected and made use of.
Technology has changed the quantity of data that can be stored now and the ways of analyzing it as now big data analysts are able to find patterns from unstructured data such as emails, tweets, photos and sensor data.
How is it being used?
The benefits of big data are absolutely remarkable as it is being a catalyst for the success of businesses across various industries. It helps them to get a better understanding of the needs of their customers and targets new ones. For instance, with the use of big data retailers can make predictions about the products that are going to sell and the same way car insurance companies can come to know about the driving skills of their customers.
It is also beneficial for optimizing business procedures. For example, on the basis of the latest trends on social media, the kind of searches that people are making on the internet or even things like weather forecasts, retailers are being able to optimize their levels of stock. Similarly, it is possible to optimize supply chains to make sure that delivery drivers reach the customers faster using less gas.
If we think deeply big data has the capacity to make bigger differences. With the assistance of big data analytics, we can have a better understanding of diseases and even find a cure for them. Big data tools can help police forces to catch criminals by predicting their activity and furthermore by the efficient usage big data analytics, credit card companies can detect fraudulent transactions.
The popularity and advantages of big data have led many institutes to introduce credentials in big data analytics to aid people who wish to have a successful career in big data and analytics.
Why is it important for you to understand?
Currently, we have become a data-driven economy where no business is able to run efficiently without analyzing present and future trends. Though in a growing stage, big data is responsible for contributing 50 % more revenue to organizations who have been able to integrate the concept deep into their systems. It’s become clear that big data has managed to become a core factor for the incredible performance of today’s business.
So basically we are living in a world where big data has become a trend which is only going to grow day by day. With time its accessibility will increase and there are going to be more and more uses to it. So, it’s always better to know about the phenomena that is affecting our lives every day.